Compared to 2021, apartments near the Cat Linh - Ha Dong railway have increased in price by 100 - 120%. Many projects used to be in the mid-range segment, but now have prices up to 55 - 70 million VND/m2, as expensive as new luxury apartments.
Apartment buildings near Cat Linh - Ha Dong railway doubled in price after 3 years, as expensive as high-end projects
Compared to 2021, apartments near the Cat Linh - Ha Dong railway have increased in price by 100 - 120%. Many projects used to be in the mid-range segment, but now have prices up to 55 - 70 million VND/m2, as expensive as new luxury apartments.
After 10 years of construction and 12 delays, the Cat Linh - Ha Dong railway, Hanoi 's first urban railway line, came into operation in November 2021. At that time, apartment projects located near train stations were priced at around VND30 - 40 million/m2. However, just 3 years later, the price has doubled, even nearly tripled.
Specifically, according to the investigation of the reporter of the Investment Electronic Newspaper - Baodautu.vn , the apartment at Booyoung Vina Mo Lao apartment building (Mo Lao ward, Ha Dong district) had a selling price in 2021 of only about 27 - 30 million VND/m2. However, now the price has jumped to 57 - 60 million VND/m2.
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| Not only near the train station, Booyoung Vina Mo Lao project is also located right next to the park, Mo Lao cemetery and European Overseas Vietnamese village. Photo: Thanh Vu |
It is known that Booyoung Vina Mo Lao apartment is about 450 m from Van Quan station. The project investor is Boyoung Vietnam Company, the time to hand over the first apartments is in 2018.
Another project about 500 meters from Van Quan station is Grand Sunlake (Van Quan ward, Ha Dong district). This project was previously called Hesco and was started in 2009, before the Cat Linh - Ha Dong railway was built. However, due to the chairman of the old investor falling into legal trouble, along with the scandals with the investor, this project has been "shelved" for a decade. Currently, the future of this project is still a big question mark.
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| The construction progress of the Grand Sunlake project is even longer than that of the Cat Linh - Ha Dong railway. Photo: Thanh Vu |
Even when the "storm" surrounded this apartment building, the selling price did not "cool down". In 2021, the price of 50-year apartments here was about 36 million VND/m2. For long-term apartments, the price would be about 44 million VND/m2. However, the price has now increased to 44 million VND/m2 for 50-year apartments and 55 million VND/m2 for long-term apartments.
In contrast to the situation of Grand Sunlake Van Quan, the Seasons Avenue project (Mo Lao ward, Ha Dong district) has a lightning-fast handover progress. Started in 2015, the investor CapitaLand - Hoang Thanh handed over the first apartments in 2017 and completed the handover process in 2018.
The Seasons Avenue project is about 1 km from Phung Khoang station and is located right next to the European Vietnamese Village. 3 years ago, the selling price of apartments here was about 35 - 38 million VND/m2. However, the price has now increased to 65 million VND/m2.
About 1 km from La Khe station is the Phu Thinh Green Park project (Ha Cau ward, Ha Dong district), invested by Phu Thinh Construction Investment and Trading Joint Stock Company. The project started handing over houses in 2021, at that time the price was about 27 - 28 million VND/m2. Now that number has doubled, at 55 - 60 million VND/m2.
With FLC Star Tower (Quang Trung Ward, Ha Dong District), this project is only about 300 meters from La Khe Station. In 2016 - when the project opened for sale, the apartment price was only about 19.3 million VND/m2. By 2021, the price increased to 22 million VND/m2. Now, the selling price has jumped and reached 50 million VND/m2.
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| Nguyen Tuan Street leading to the Gold Season project is often congested. The local government recently had to widen and renovate this road. Photo: Thanh Vu |
The price doubling is also happening with the Gold Season project (Thanh Xuan Trung ward, Thanh Xuan district) of the investor, Winter Real Estate JSC - VID. 3 years ago, the price of apartments here fluctuated around 38 million VND/m2. However, thanks to its beautiful location and only about 600 m from Ring Road 3 station, the selling price has now increased to 72 - 79 million VND/m2.
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| Gold Tower apartment building has a prime location right on Nguyen Trai street and is only about 5 minutes walk from Ring Road 3 station. Photo: Thanh Vu |
Also located in Thanh Xuan Trung ward and only about 250 m from Ring Road 3 station is the Gold Tower project. The product of the investor Hoang Huy Finance started selling in 2018 with prices starting from only 31 million VND/m2. By the end of 2021, the price had reached 40 million VND/m2. Currently, the selling price has reached 62 - 65 million VND/m2, some units are even priced at 70 million VND/m2.
The fact that old projects are increasing in price and standing on par with new luxury apartments is what is happening in Vinhomes Royal City urban area (Thuong Dinh ward, Thanh Xuan district). In 2021, the average price of apartments here is about 40 million VND/m2, apartments with good locations are only priced at 56 million VND/m2 at most. However, after 3 years, the price of apartments has reached 80 million VND/m2, some apartments are even up to 105 million VND/m2.
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| Royal City apartment prices are currently equivalent to new luxury projects. Photo: Thanh Vu |
Vinhomes' project is about 900m from Thuong Dinh station and nearly 1km from Lang station. Construction began in 2010 and began handing over houses in 2013. At the time of its launch, the project created a big buzz thanks to owning the largest commercial center in Vietnam. This achievement has been maintained to this day.
Speaking to reporters of the Investment Electronic Newspaper - Baodautu.vn , Mr. Nguyen Huu Cuong, Chairman of the Hanoi Real Estate Club (HNREA), said that it is natural for real estate prices to increase following the development of transport infrastructure. This trend is similar to the case of Ring Road 4, when investors compete to "scour" for land around the route to anticipate the planning.
According to Savills, apartment projects near train stations will have prices 5-15% higher than the general price increase of the market. This scenario is also repeated in many countries around the world . For example, in Singapore, people are willing to buy apartments with prices 15% higher than the general level, if the project is less than 400m from the train station.
In Kuala Lumpur, Malaysia, condos within 800 meters of a train station will cost 30% more than the citywide average. In Bangkok, Thailand, real estate prices near metro lines will increase by 7-21%, depending on the distance from the station.
Source: https://baodautu.vn/batdongsan/chung-cu-gan-duong-sat-cat-linh---ha-dong-tang-gia-gap-doi-sau-3-nam-dat-ngang-du-an-cao-cap-d228931.html
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